Competitor Group, Inc. (CGI), the organizer of the Rock ‘n’ Roll Marathon Series, the leading active lifestyle sports media and event entertainment company, announced that Calera Capital, a middle-market private equity firm, in partnership with CGI'’s management, has acquired CGI from Falconhead Capital. Scott Dickey, president and chief executive officer, and Steve Gintowt, chief operating officer and chief financial officer, will continue to lead the company.
Formed in 2007 by Falconhead, CGI is the active lifestyle industry’s leading media and event company dedicated to the sports of running, cycling and triathlon. CGI operates 83 events around the world including the Rock ‘n’ Roll Marathon Series, publishes five media titles such as Competitor, Velo, Women’s Running and Triathlete, possesses a leading digital registration platform in RaceIt.com and a rapidly expanding digital community across the Competitor Endurance Sports Network of websites.
“Five years ago we set out to build a leading company in an industry that was highly fragmented, but well positioned for tremendous growth,” said Falconhead Chairman David Moross. “Competitor Group has grown dramatically during this period and realized much of the potential we originally envisioned. This success is due to the original strategy we developed to create the company, and the hard work of our very talented management team and our board of directors.”
Calera Capital Managing Partner James Farrell and Managing Director David Lorsch led Calera’s investment in CGI and will join CGI’s board. Lorsch is an avid endurance sport participant, having competed in numerous triathlons and marathons, including each of the marathon majors in the U.S.
“As a runner and triathlete who has followed Competitor Group and studied the industry at length, I believe strongly in the continued growth and value of active lifestyle sports in both the U.S. and abroad,” said Lorsch. “Calera is excited to support Scott Dickey and his team to continue providing athletes with great experiences at the best event venues in the world, industry leading content, and a superior event registration platform through Raceit.com.”
James Farrell of Calera added, “CGI is an outstanding business and a market leader. The company has a substantial opportunity for continued robust organic growth and we also look forward to investing behind management in developing new events and making strategic acquisitions.”
“We are very excited about this next chapter as we partner with a great team at Calera Capital and continue our development as the market-leading active lifestyle media and entertainment company,” said Dickey. “I want to personally thank David Moross, Peter Englehart and the team at Falconhead for their collective vision and guidance over the past five years.”
Calera Capital will be investing in CGI through its fourth fund. Terms of the transaction were not disclosed. Perella Weinberg Partners acted as exclusive financial advisor to Falconhead Capital on this transaction.
